Jurriaan refers to >yet another problem with the models: they assume all economic actors are alike.< This isn't true of _all_ neoclassical macro models. But it's amazing how common this assumption is in the literature. Who are they kidding? (BTW, Tobin's classic model of the "liquidity trap" explicitly assumed that people _differed_ from each other. But such stuff is forgotten in the mediocre Age of Mankiw.)
On Fri, Aug 16, 2013 at 9:18 AM, Jurriaan Bendien <[email protected] > wrote: > PostKeynesians like Steve Keen made very similar points, but from a > Marxist perspective, surely, there is yet another problem with the models: > they assume all economic actors are alike. Whether you are one of the top > 1% or whether you are an ordinary worker, your transactional behaviour and > motivations are going to be alike, in the models. That is hardly credible. > **** > > ** ** > > J.**** > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > > -- Jim Devine / "Reality is that which, when you stop believing in it, doesn't go away." -- Philip K. Dick
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